Gautam Adani is going to do this work before the 2023 budget, investors will get huge money

Adani Group’s flagship company, Adani Enterprises on Monday submitted draft papers of the proposed Rs 20,000 crore follow-on public offer (FPO) to the stock exchanges. In the report of ET report, sources were informed that the company is considering the possibility of launching a public issue in the last week of January.

Gautam Adani by chandankblog

Adani Enterprises had announced a follow-on share sale at the end of November. Some bankers said that Adani Enterprises can raise money in FPO by issuing partially paid shares. A person aware of the matter said that the company may give exemption to retail investors in FPO. Adani Enterprises stock has rallied 94 per cent in last one year and 1,760 per cent in last five years

It has been just a day since the company reportedly filed its papers for the FPO, more details are yet to be revealed officially. However, the report mentions that Adani Enterprises has appointed Jefferies, ICICI Securities, SBI Capital, Bank of Baroda Capital, Elara Capital and few others as lead bankers for the issue.

As a result of the FPO, the stake of Gautam Adani-led promoters may drop to 3.5 per cent. As of September 2022, promoters held 72.63 per cent of Adani Enterprises, while the remaining 27.37 per cent was held by public shareholders. Life Insurance Corporation held 4.03 per cent stake among public shareholders, while Nomura Singapore, APMS Investment Fund, Elara India Opportunities Fund and LTS Investment Fund held between 1 per cent and 2 per cent

The money received from this FPO can be used to reduce the debt. The group’s debt of Rs 2.2 lakh crore has been a cause of concern for some in the debt market, but Adani countered that criticism in a recent interview with India Today, saying the group is “financially sound”. and its profits are growing at twice the rate of loans.

550% return after listing, now the company will give 13 bonus shares.

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